#12 Visibility of SPIP Metrics
Welcome to our series, OMG: One Metric for Growth, where we dive deep into real-life examples of how one metric helped an organization to grow their business. Today's Metric for Growth is:
“Visibility of SPIP (Sales, Purchase, Inventory & Payment) Metrics” 📈
About Sethia Foods, Bikaner! Sethia Foods, is a fast-growing and most trusted food processing company based in Bikaner with the brand name "UTTAM". With the combined reach of over 18 states in India their strength lies in deep understanding of their consumers. Their portfolio of product ranges from canned Sweets and Paneer, to packed Namkeen, Papad, Soan Papdi and Kaju Katli and Besan Ladoo.
How visibility on a single dashboard of SPIP (Sales, Purchase, Inventory & Payment) helped Sethia Foods?
Mayank and the team observed that there are only 4 elements in sales:
1. Customers
2. Territory
3. Salespersons
4. Items
And along with it was important to look into Purchase, Inventory and Payment data also. His team prepared all the reports on an excel sheet and started sharing with him daily.
But there was an issue, as there were different sheets for different elements, going to and fro one sheet to another was confusing and time consuming. As the data was in silos and not in one dashboard it was difficult to drive insights from it.
Then, they prepared a dashboard that gave them complete visibility of all data around SPIP on one page. As they were dealing into multiple categories it was important to look into consolidated and detailed view on one dashboard and drill down into any of the elements based on their business requirement.
This visibility gave them complete control over the Key Performance Indicators (KPIs) and helped them see the correlation between different data points, which otherwise would not have been possible.
5 Major Benefits that Sethia Foods were previously missing!
1. Automated Reporting – As the data is now synced real-time with ERP, there is no need to wait for the vital reports.
2. Holistic Business View – All the KPIs on a single dashboard triggered ideas and thoughts that helped them to achieve their goals.
3. Working Capital – They were able to see the working capital involved in each category, which helped them map the ROI for each category.
4. Transparency – As everyone got access based on their roles and rights, there was transparency within the organization and the salespersons now started speaking with data.
5. Efficiency – All critical data was in one place, saving time spent on different reports.
Whenever You are Ready! 🔑
Your metrics don't just reflect the past; they lead the future.
At Magenta, we specialize in turning these metrics into actionable steps.
Our Business Intelligence software seamlessly integrates with ERPs like Tally, Busy, Align Books, SAP etc and can help you increase Business Performance by giving insights into Sales, Purchase, Inventory and Payment. If you haven't already signed up for Magenta Insights, now is the time!
Stay tuned for next week's edition of "One Metric for Growth" as we delve into another crucial aspect of business. Until then, seize the opportunities that lie within your data!
Customer retention is the key
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What are the most relevant factors to consider?
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Don’t overspend on growth marketing without good retention rates
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What’s the ideal customer retention rate?
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Next steps to increase your customer retention
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